BURNABY, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2006) - Lifebank Corp., ("Lifebank", or the "Company") (TSX VENTURE:LBK) a leading provider of processing and storage of umbilical cord blood stem cells, is pleased to announce that it has entered into an agreement with PharmaStem Therapeutics, Inc. ("PharmaStem") whereby Lifebank has obtained a licence to PharmaStem's patent portfolio which will allow Lifebank to successfully market its services in the United States.

PharmaStem is the successor to Biocyte Corporation, the pioneer in the development of umbilical cord and placental blood preservation and its therapeutic use. In recognition of its leadership, PharmaStem has received five U.S. Patents to date: No. 5 004 681, 5 192 553, 6 461 645, 6 569 427 and 6 605 275.

Nicholas Didier, President and CEO of PharmaStem, stated: "We are very excited about our newest license agreement with Lifebank. It underlines the importance of PharmaStem's intellectual property to the industry and its recognition by Lifebank, a Canadian company, shows this company's integrity and honourable business practices. In the United States, nineteen cord blood banks now operate under a PharmaStem License."

Ernest Stacey, President and CEO of Lifebank, stated: "Entering into this agreement is a significant achievement for Lifebank. It provides us the base to meet our stated objectives of offering our quality service on an international scale and our strategy of successfully entering the US market."

Lifebank is a biomedical service company that provides processing and cryogenic (ultra low temperature) storage of umbilical cord blood stem cells at its state-of-the-art facility. The Company is Health Canada compliant, FDA registered, and AABB accredited. Lifebank strives to work closely with physicians and public institutions in order to provide life saving cord blood services to any and all persons in need.

Lifebank is listed on the TSX Venture Exchange and trades under the symbol "LBK".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.